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ACC 492 Entire Course (2019 Syllabus)

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www.tutorialrank.com ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)

ACC 492 Week 1 Current Issue Summary

ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies (2019 Syllabus)

ACC 492 Week 2 Team Assignment

ACC 492 Week 2 Team Assignment (Amazon)

ACC 492 Week 2 Textbook Problem 23-20, 14-20, 14-26 (New Syllabus 2019)


ACC 492 Week 2 Current Issue Summary Auditing Cash, Financial Instruments, Sales, or Receivables

ACC 492 Week 2 Current Issue Summary Failing to Find Fraud When Auditing Cash (2019 Syllabus)

ACC 492 Week 3 Current Issue Summary Auditing Inventory, Warehouse, or Payroll Cycles

ACC 492 Week 3 Current Issue Summary Keep Ghosts off the Payroll (2019 Syllabus)

ACC 492 Week 3 textbook assignment 20-20, 21-21

ACC 492 Week 3 Team Assignment Inventory, Warehousing, and Payroll accounts and cycles (Walmart, 2000 Words)

ACC 492 Week 3 Team Assignment Inventory, Warehousing, and Payroll accounts and cycles (Amazon)


ACC 492 Week 4 Textbook Problem 18-26

ACC 492 Week 4 Current Issue Summary auditing acquisitions, payments, property plant and equipment

ACC 492 Week 4 Current Issue Summary Management’s Report on Internal Control over Financial Reporting (2019 Syllabus)

ACC 492 Week 4 Team Assignment Acquisition, Payment, Property Plant, and Equipment Notes Payable and Owner’s Equity and cycles (Walmart)

ACC 492 Week 4 Team Assignment Acquisition, Payment, Property Plant, and Equipment Notes Payable and Owner’s Equity and cycles (Amazon)

ACC 492 Week 5 Assignment importance of considering contingent liabilities, letters from client lawyers (Walmart)

ACC 492 Week 5 Assignment importance of considering contingent liabilities, letters from client lawyers (Amazon)


ACC 492 Week 5 Final Audit Paper (Walmart)

ACC 492 Week 5 Final Audit Paper (Amazon)

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ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)

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www.tutorialrank.com 1. Which of the following tests are typically not necessary when auditing a client’s schedule of recorded disposals? Footing the schedule. Tracing schedule totals to the general ledger. Tracing cost and accumulated depreciation of the disposals to the property master file.


All of the above are necessary. 2. _______accumulate costs by individual jobs as material is issued into production and labor costs are incurred. Just-in-time production systems Job order cost systems Process cost systems Manufacturing systems 3. The introductory paragraph of the standard audit report for a nonpublic company performs which functions? I. It states the CPA has performed an audit. II. It lists the financial statements being audited. III. It states the financial statements are the responsibility of the auditor. I and II I and III II and III I, II and III 4. Auditors are especially concerned with three aspects of internal control for the sales and collection cycle. Which of the following is not one of their major concerns? Controls related to the allowance for uncollectible accounts Controls that prevent or detect embezzlements


Controls over sales discounts Controls over cutoff 5. Which of the following accounts is not associated with the acquisition and payment cycle? Accrued property taxes Income tax expense Common stock Property, plant and equipment 6. For audit evidence to be compelling to the auditor it must be sufficient and appropriate. Which statement below is not correct regarding the appropriateness of audit evidence? Evidence obtained from independent sources outside the entity is generally more reliable than evidence secured solely within the entity. An auditor’s opinion, to be economically useful and profitable to the auditing firm needs to be formed within a reasonable time and based on evidence obtained that assures profits for the auditing firm. The independent auditor’s direct personal knowledge, obtained through inquiry, observation and inspection, is generally more persuasive than information obtained indirectly. The more effective the internal control system, the more assurance it provides the auditor about the reliability of financial reporting by the client. 7. A document used by organizations to establish a formal means of recording and controlling acquisitions which usually contains a package of documents about the acquisition is the:


voucher. purchase requisition. purchase order. receiving report. 8. You are auditing Manufacturing Company and testing the audit related objective of completeness for the equipment accounts. Which of the following audit procedures is most likely to achieve your objective? Trace individual acquisitions to the fixed asset master file. Physically examine assets. Examine vendor invoices and receiving reports. Examine vendor invoices of closely related accounts such as repairs and maintenance. 9. A sample in which the characteristics of the sample are the same as those of the population is a(n): random sample. attributes sample. variables sample. representative sample. 10. Which of the following business functions is not considered to be part of the acquisitions class of transactions? Recognizing liabilities


Processing purchase orders Processing cash disbursements Recognizing liabilities 11. Which of the following is not explicitly stated in the standard unqualified audit report? The auditors believe that the audit evidence provides a reasonable basis for their opinion. The audit was conducted in accordance with generally accepted accounting principles. An audit includes assessing the accounting estimates used. The financial statements are the responsibility of management. 12. When the auditor decides to select less than 100 percent of the population for testing, the auditor is said to use: audit sampling. poor judgment. estimation sampling. representative sampling. 13. The ________ is a contract between a carrier (e.g., a trucking company) and the seller of goods that dictates the details surrounding the shipment of goods. sales invoice


remittance advice picking ticket bill of lading 14. Which of the following is a correct statement regarding audit evidence? A large sample of evidence provided by an independent party is always considered persuasive evidence. A small sample of only one or two pieces of highly appropriate evidence is always considered persuasive evidence. The auditor must obtain a sufficient amount of relevant and reliable evidence to form an opinion on the fairness of the financial statements. Evidence is usually more reliable for balance sheet accounts when it is obtained within six months of the balance sheet date. 15. Which of the following statements is not correct? The decision of how many items to test must be made by the auditor for each audit procedure. The decision of how many items to test should not be influenced by the increased costs of performing the additional tests. The sample size for any given procedure is likely to vary from audit to audit. It is possible to vary the sample size from one unit to 100% of the items in the population.


16. Which of the following is not one of the business functions for the payroll and personnel cycle? Payment of payroll Reconciliation of payroll account Timekeeping and payroll preparation Human resources and employment 17. One unique characteristic of the capital acquisition and repayment cycle is that relatively few transactions affect the account balances, but each transaction is often highly material in amount. True False 18. The audit procedure that requires an auditor to “foot the acquisition schedule� relates to which balance-related audit objective? Classification Detail tie-in Existence Cut-off 19. Which of the following does not have to be considered in determining the initial sample size of a test of details? Acceptable risk of incorrect rejection Tolerable misstatement


Acceptable audit risk Estimate of misstatements in the population 20. Because cash is the most desirable asset for people to steal, it has a higher: liquidity risk. detection risk. control risk. inherent risk. 21. The two primary classes of transactions in the sales and collection cycle are: sales and cash receipts. sales and sales returns. sales and accounts receivable. sales and sales discounts. 22. Master files, spreadsheets, and reports that accumulate material, labor, and overhead as the costs are incurred are: accounting systems storeroom documents cost accounting records finished goods inventory records.


23. Which of the following expenses is not typically evaluated as part of the audit of the acquisition and payment cycle? Depreciation expense Insurance expense Bad debts expense Property tax expense. 24. Smaller privately held companies may not maintain an accounts payable master file by vendor. These companies pay on the basis of: Vendor’s monthly statements Individual vendor’s invoices The account payable account in the general ledger During letters 25. The word below that best explains the relationship between required sample size and the acceptable risk of incorrect acceptance is: Inverse. Direct. Proportional. Indeterminate. 26. Which of the following balance-related audit objectives typically is assessed as having high inherent risk for cash? Existence Cutoff


Detail tie-in Presentation and disclosure 27. The final step in the evaluation of the audit results is the decision to: project the point estimate. determine sampling error and calculate the estimated total population error. determine the error in each sample. accept the population as fairly stated or to require further action. 28. The computer file used for recording payroll transactions for each employee and maintaining total wages paid for the year to date is the: payroll transaction file. payroll master file. payroll bank account reconciliation. payroll tax returns. 29. The computer-generated file which records acquisitions, disbursements and allowances for each vendor is the: Cash disbursements file. Accounts payable master file. Purchase approval file. Acquisitions transaction file.


30. Which of the following groups has the responsibility for identifying and deciding the appropriate accounting treatment for recording or disclosing contingent liabilities? Management and the auditors Management Legal counsel Auditors 31. The standard unqualified audit report for a non-public entity must: Have a report title that includes the word "CPA." Be addressed to the company's stockholders and creditors. Be dated. Include an explanatory paragraph 32. The appropriate and sufficient evidence to be obtained from tests of details must be decided on an: Efficiency basis. Effectiveness basis. Audit objectives basis. None of the above 33. You are auditing Rodgers and Company. You are aware of a potential loss due to non-compliance with environmental regulations. Management has assessed that there is a 40% chance that a $10M payment could result from the non-compliance. The appropriate financial statement treatment is to: Accrue a $4 million liability.


Disclose a liability and provide a range of outcomes. Since there is less than a 50% chance of occurrence, ignore. Since there is greater that a remote chance of occurrence, accrue the $10 million 33. To determine if a sample is truly representative of the population, an auditor would be required to: conduct multiple samples of the same population. never use sampling because of the expense involved. audit the entire population. use systematic sample selection 34. Auditors seldom learn about the capital acquisition and repayment cycle when gaining an understanding of the client’s business and industry. True False 35. The total of the individual employee earnings in the payroll master file should equal the total: of the checks drawn to employees for payroll. balance of gross payroll in general ledger accounts. gross pay for the current week’s payroll. gross payroll plus the total contributed by the employer for payroll taxes.


36. When auditing the capital acquisition and repayment cycle, it is common to verify each transaction taking place in the cycle for the entire year as a part of verifying the balance sheet accounts. True False 37. In most manufacturing companies, the inventory and warehousing cycle begins with the: acquisition of raw materials for production of an order. initiation of production of a customer’s order. receipt of a customer’s order. completion of production of a customer’s order. 38. Some companies have customers send payments directly to an address maintained by a bank. This is called a(n) ________ system. direct deposit funds transfer lockbox interbank transfer 39. A commitment is best described as: an agreement to commit the firm to a set of fixed conditions in the future. a potential future obligation to an outside party for an as yet to be determined amount.


an agreement to commit the firm to a set of fixed conditions in the future that depends on current market conditions. an agreement to commit the firm to a set of fixed conditions in the future that depends on company profitability. 40. The management’s responsibility section of the standard audit report for a non-public company states that the financial statements are: none of the above. the responsibility of management. the responsibility of the auditor. the joint responsibility of management and the auditor. 41. Which of the following is an analytical procedure to determine if there is idle equipment or equipment that was disposed of but not written off? Compare annual repairs and maintenance accounts with previous years. Compare gross manufacturing cost divided by some measure of production with previous years. Compare accumulated depreciation divided by gross equipment cost with previous years. Compare depreciation expense divided by gross equipment cost with previous years. 42. Accrued payroll taxes are normally considered to be associated with the acquisition and payment cycle. True


False 43. Which of the following is a business function related to sales returns and allowances? Processing customer orders Writing off uncollectible accounts Processing and recording credit memos Granting credit 44. In addition to confirming bank balances of your audit client, a bank confirmation would normally contain: the client’s bank loans with due date, interest rate, and collateral requested. the client’s business prospects. the client’s credit history as regards to paying back loans. the client’s managements bank account information. 45. Which of the following audit procedures would be the most correct in determining the audit objective of existence for the equipment account in the fixed asset master file? Examine vendor invoices and receiving reports. Examine vendor invoices for correct accounting treatment. Recalculate vendor invoices. Review transactions near the balance sheet date.


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ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies (2019 Syllabus)

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www.tutorialrank.com ACC 492 Week 1 Current Issue Summary Write a 175- to 350-word summary. Research a recent article on sampling as it relates to financial statement auditing. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a MicrosoftÂŽ Word document


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ACC 492 Week 1 DQ 1(New)

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What account balances are included in a revenue and collection cycle? What specific control procedures should be in place and operating in internal control governing revenue recognition and cash accounting? What assertions are made about classes of transactions and events in the revenue and collection cycle? ==============================================

ACC 492 Week 1 DQ 2(New)

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Why is it important to place emphasis on the existence and rights (ownership) assertions when auditing accounts receivable? Which audit procedures are usually the most useful for auditing the existence and rights assertions? What analytical procedures might be informative regarding the existence assertion? ==============================================

ACC 492 Week 2 Current Issue Summary Failing to Find Fraud When Auditing Cash (2019 Syllabus)

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www.tutorialrank.com ACC 492 Week 2 Current Issue Summary Write a 175- to 350-word summary. Research a recent article on auditing cash, financial instruments, sales, or receivables. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a MicrosoftÂŽ Word document


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ACC 492 Week 2 DQ 2(New)

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Why does the auditor examine travel and entertainment expenses? What would poor controls regarding executive reimbursements say about the tone at the top for purposes of evaluating and reporting on internal control? How might the auditor effectively use analytical procedures in the audit of various expense accounts, such as miscellaneous expenses? Provide an example of how analytical procedures might be used in the audit of such accounts ==============================================

ACC 492 Week 2 Team Assignment (Amazon)

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ACC 492 Week 2 Team Assignment Learning Team assignments build upon each other from Weeks 2-5. The first step is to go to the website of a publically-traded US company and select the most recent 10-K Form (legally-required document publicly-traded companies must submit to the Securities and Exchange Commission [SEC] on an annual basis. Among other things, this document contains the opinion of the CPA firm regarding the company’s financial statements and adherence to Generally Accepted Accounting Principles [GAAP]. The contents of this form will be the basis of the team assignments in throughout the course. Consider and discuss the specific risks and nature of the company you will be auditing. Create comprehensive audit programs for the cash, financial instruments, sale, and receivables accounts and cycles. Submit a 1,400- to 1,750-word document that includes: 

Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology.

A brief summary page should be included in this document, 350 to 700 words for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Receivables balance yearover-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review).


Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

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ACC 492 Week 2 Textbook Problem 23-20, 14-20, 14-26 (New Syllabus 2019)

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www.tutorialrank.com 23-20 (Objectives 23-3, 23-4) The following are misstatements that might be found in the client's year-end cash balance (assume that the balance sheet date is June 30): 

1.The outstanding checks on the June 30 bank reconciliation were underfooted by $2,000.

2.A loan from the bank on June 26 was credited directly to the client's bank account. The loan was not entered as of June 30.

3.A check was omitted from the outstanding check list on the June 30 bank reconciliation. It cleared the bank July 7.

4.A check was omitted from the outstanding check list on the bank reconciliation. It cleared the bank September 6.


5.Cash receipts collected on accounts receivable from July 1 to July 5 were included as June 29 and 30 cash receipts.

6.A bank transfer recorded in the accounting records on July 1 was included as a deposit in transit on June 30.

7.A check that was dated June 26 and disbursed in June was not recorded in the cash disbursements journal, but it was included as an outstanding check on June 30.

Required 

a.Assuming that each of these misstatements was intentional (fraud), state the most likely motivation of the person responsible.

b.What control can be instituted for each fraud to reduce the likelihood of occurrence?

c.List an audit procedure that can be used to discover each fraud.

14-23 (Objectives 14-1, 14-3) The following questions deal with audit evidence for the sales and collection cycle. Choose the best response.

a. An auditor is performing substantive tests of transactions for sales. One step is to trace a sample of debit entries from the accounts receivable master file back to the supporting duplicate sales invoices. What will the auditor intend to establish by this step?


b. Which audit procedure is most effective in testing credit sales for overstatement? .

c. To determine whether internal control relative to the revenue cycle of a wholesaling entity is operating effectively in minimizing the failure to prepare sales invoices, an auditor would most likely select a sample of transactions from the population represented by the

14-26 (Objectives 14-3, 14-4, 14-5) The following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collection cycle: 1. Account for a sequence of shipping documents and examine each one to make sure that a duplicate sales invoice is attached. 2. Account for a sequence of sales invoices and examine each one to make sure that a duplicate copy of the shipping document is attached. 3. Compare the quantity and description of items on shipping documents with the related duplicate sales invoices. 4. Trace recorded sales in the sales journal to the related accounts receivable master file and compare the customer name, date, and amount for each one. 5. Examine sales returns for approval by an authorized official.


6. Review the prelisting of cash receipts to determine whether cash is prelisted daily. 7. Reconcile the recorded cash receipts on the prelisting with the cash receipts journal and the bank statement for a 1-month period. Required a. Identify whether each audit procedure is a test of control or a substantive test of transactions. b. State which of the six transaction-related audit objectives each of the audit procedures fulfills. c. Identify the type of evidence used for each audit procedure, such as inspection and observation.

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ACC 492 Week 2 Week 2 Quiz

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ACC 492 WEEK 2 Week 2 Quiz 1. A CPA obtains a January 10 cutoff bank statement for a client directly from the bank. Very few of the outstanding checks listed on the client’s December 31 bank reconciliation cleared during the cutoff period. A probable cause for this is that the client

1. is engaged in kiting. 2. is engaged in lapping. 3. has overstated its year-end bank balance. 4. transmitted the checks to the payees after year-end.

2. In establishing the existence and ownership of an investment held by a corporation in the form of publicly traded stock, an auditor should inspect the securities or obtain written representations from management confirming that the securities are

1. properly classified as trading securities. 2. inspect the audited financial statements of the investee company. 3. confirm the number of shares owned that are held by an independent custodian. 4. determine that the investment is carried at the lower of cost or market.


3. The auditor should ordinarily send confirmation requests to all banks with which the client has conducted any business during the year, regardless of the year-end balance, because

1. this procedure will detect kiting activities that would otherwise not be detected. 2. the confirmation form also seeks information about indebtedness to the bank. 3. the sending of confirmation requests to all such banks is required by auditing standards. 4. this procedure relieves the auditor of any responsibility with respect to non-detection of forged checks.

4. The auditor should control and verify all liquid assets simultaneously to prevent

1. unrecorded disbursements. 2. conversion of assets to conceal a shortage. 3. unauthorized disbursements. 4.


5. Which of the following is one of the better auditing techniques to detect kiting?

1. Review composition of authenticated deposit slips. 2. Review subsequent bank statements and cancelled checks received directly from the banks. 3. Prepare year-end bank reconciliations. 4. Prepare a schedule of bank transfers from the client’s books.

6. The accounting system will not post a sales transaction to the sales journal without a valid bill of lading number. This control is most relevant to which transaction-related objective for sales?

1. Accuracy 2. Occurrence 3. Completeness 4. Posting and summarization

7. The accounting system automatically obtains the unit price based on scans of bar codes for merchandise sold. This control is most relevant to which transaction-related objective for sales?

1. Accuracy


2. Occurrence 3. Completeness 4. Posting and summarization

8. Which of the following controls would be most effective in detecting a failure to record cash received from customers paying on their accounts?

1. A person in accounting reconciles the bank deposit to the cash receipts journal. 2. Transactions recorded in the cash receipts journal are posted on a real-time basis to the accounts receivable master file. 3. Monthly statements are sent to customers and any discrepancies are resolved by someone independent of cash handling and accounting. 4. Deposits of cash received are made daily.

9. After a CPA has determined that accounts receivable have increased as a result of slow collections in a “tight money� environment, the CPA will be likely to

1. increase the balance in the allowance for bad debt account. 2. review the going concern ramifications.


3. review the credit and collection policy. 4. expand tests of collectibility.

10. Which of the following audit procedures will best uncover an understatement of sales and accounts receivable?

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ACC 492 Week 3 Current Issue Summary Keep Ghosts off the Payroll (2019 Syllabus)

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Write a 525- to 700-word summary. Research a recent article on auditing inventory, warehousing, or payroll. Apply what you learn to your future or current job.


Click the Assignment Files tab to submit your assignment in a MicrosoftÂŽ Word document

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ACC 492 Week 3 DQ 1(New)

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What internal control components are common among long-term assets, liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls ==============================================

ACC 492 Week 3 DQ 2(New)

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What are the key management assertions related to equity? What are the most important assertions related equity? How will auditors test these assertions? ==============================================

ACC 492 Week 3 Quiz

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ACC 492 WEEK 3 Week 3 Quiz 1. Control risk is the risk that a material misstatement in an account will not be prevented or detected on a timely basis by the client’s internal controls. The best control to prevent or detect fictitious payroll transactions is to 1. use and account for prenumbered payroll checks. 2. obtain authorization from human resources for hiring, pay rate, job status and termination. 3. verify internally authorized pay rates, computations, and agreement with the payroll register.


4. conduct periodic independent bank reconciliations of the payroll bank account.

2. A factory foreman at Steblecki Corporation discharged an hourly worker but did not notify the human resources department. The foreman then forged the worker’s signature on time cards and work tickets and, when giving out the checks, diverted the payroll checks drawn from the discharged worker to his own use. The most effective procedure for preventing this activity is to

1. require written authorization for all employees added to or removed from the payroll. 2. have a paymaster who has no other payroll responsibility distribute the payroll checks. 3. have someone other than persons who prepare or distribute the payroll obtain custody of unclaimed payroll checks. 4. from time to time, rotate persons distributing the payroll.

3. An auditor found that employee time records in one department are not properly approved by the supervisor. Which of the following could result?

1. Duplicate paychecks might be issued. 2. The wrong hourly rate could be used to calculate gross pay.


3. Employees might be paid for hours they did not work. 4. Payroll checks might not be distributed to the appropriate employees.

4. A common audit procedure in the audit of payroll transactions involves tracing selected items from the payroll journal to employee time cards that have been approved by supervisory personnel. This procedure is designed to provide evidence in support of the audit proposition that

1. only proper employees worked and their pay was correctly computed. 2. jobs on which employees worked were charged with the appropriate labor cost. 3. internal controls over payroll disbursements are operating effectively. 4. all employees worked the number of hours for which their pay was computed.

5. In performing tests concerning the granting of stock options, an auditor should

1. confirm the transaction with the Secretary of State in the state of incorporation.


2. verify the existence of option holders in the entity’s payroll records or stock ledgers. 3. determine that sufficient treasury stock is available to cover any new stock issued. 4. trace the authorization for the transaction to a vote of the board of directors.

6. Which of the following controls will most likely justify a reduced assessed level of control risk for the occurrence assertion for purchases of inventory?

1. Receiving reports for inventory additions are accounted for and entry of received goods into the purchases system is verified by accounting clerks. 2. The purchases system automatically updates the perpetual inventory master file when transactions are entered into the purchases journal. 3. The perpetual inventory system will not allow an addition of inventory to be posted without entry of a valid receiving report number. 4. At the close of each day, the system reconciles the perpetual inventory master file to the inventory general ledger account and generates an exception report when differences exist.


7. For control purposes, the quantities of materials ordered may be omitted from the copy of the purchase order that is

1. returned to the requisitioner. 2. forwarded to the receiving department. 3. forwarded to the accounting department. 4. retained in the purchasing department’s files.

8. Which of the following internal control procedures most likely would be used to maintain accurate inventory records?

1. Perpetual inventory records are periodically compared with the current cost of individual inventory items. 2. A just-in-time inventory ordering system keeps inventory levels to a desired minimum. 3. Requisitions, receiving reports, and purchase orders are independently matched before payment is approved. 4. Periodic inventory counts are used to adjust the perpetual inventory records.

9. When an auditor tests a client’s cost accounting records, the auditor’s tests are primarily designed to determine that


1. costs have been correctly assigned to finished goods, work-inprocess, and cost of goods sold. 2. quantities on hand have been computed based on acceptable cost accounting techniques that reasonably approximate actual quantities on hand. 3. physical inventories are in substantial agreement with book inventories. 4. the internal controls are in accordance with accounting standards and are functioning as planned.

10. An auditor selected items for test counts while observing a client’s physical inventory. The auditor traced the test counts to the client’s inventory listing. This procedure likely obtained evidence about which balance-related audit objective for inventory?

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ACC 492 Week 3 Team Assignment Inventory, Warehousing, and Payroll accounts and cycles (Amazon)

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Inventory, Warehousing, and Payroll accounts and cycles Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Inventory, Warehousing, and Payroll accounts and cycles. Submit a 700- to 1,050-word document that includes the following: 

Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology.

A brief summary page should be included in this document, 525 to 700 words, for each of the work programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Inventory balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review).

Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

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ACC 492 Week 4 Current Issue Summary Management’s Report on Internal Control over Financial Reporting (2019 Syllabus)


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www.tutorialrank.com ACC 492 Week 4 Current Issue Summary Write a 525- to 700-word summary. Research a recent article on auditing acquisitions, payments, property plant and equipment (fixed assets), notes payable, or owner’s equity. Apply what you learn to your future or current job. Click the Assignment Files tab to submit your assignment in a MicrosoftŽ Word document.

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ACC 492 Week 4 DQ 1(New)

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What are the steps that are required for an auditor to finalize the audit? Which steps are the most crucial to the outcome of the audit? How will these steps affect the final audit decision? ==============================================

ACC 492 Week 4 DQ 2(New)

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What types of opinions does an auditor issue other than unqualified? How does an opinion other than unqualified affect the client? In your opinion, which is the worst? What are the circumstances that warrant each type of opinion? ==============================================


ACC 492 Week 4 Team Assignment Acquisition, Payment, Property Plant, and Equipment Notes Payable and Owner’s Equity and cycles (Amazon)

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www.tutorialrank.com ACC 492 Week 4 Team Assignment Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Acquisition, Payment, Property Plant, and Equipment (Fixed Assets), Notes Payable and Owner’s Equity accounts and cycles. Submit a 700- to 1,050-word document that includes the following: 

Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology.

A brief summary page should be included in this document, 525 to 700 words, for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Fixed Assets balance yearover-year, identify these swings, and how you address them in your work program (this is in essence an audit procedure – analytical review).


Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

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ACC 492 Week 4 Week 4 Quiz

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ACC 492 WEEK 4 Week 4 Quiz 1. Budd, the purchasing agent of Lake Hardware Wholesalers, has a relative who owns a retail hardware store. Budd arranged for hardware to be delivered by manufacturers to the relative’s retail store on a COD basis, thereby enabling his relative to buy at Lake’s wholesale prices. Budd was probably able to accomplish this because of Lake’s poor internal control over 1. purchase requisitions. 2. purchase orders. 3. cash receipts. 4. perpetual inventory records.


2. Which of the following is an internal control that will prevent paid cash disbursement documents from being presented for payment a second time?

1. The date on cash disbursement documents must be within a few days of the date that the document is presented for payment. 2. The official signing the check compares the check with the documents and should deface the documents. 3. Unsigned checks are prepared by individuals who are responsible for signing checks. 4. Cash disbursement documents are approved by at least two responsible management officials.

3. Which of the following questions would be best to include in an internal control questionnaire concerning the completeness assertion for purchases?

1. Is an authorized purchase order required before the receiving department can accept a shipment or the vouchers payable department can record a voucher? 2. Are purchase requisitions prenumbered and independently matched with vendor invoices?


3. Is the unpaid voucher file periodically reconciled with inventory records by an employee who does not have access to purchase requisitions? 4. Are purchase orders, receiving reports, and vouchers prenumbered and periodically accounted for?

4. The authority to accept incoming goods in receiving should be based on a(n)

1. vendor’s invoice. 2. bill of lading. 3. purchase requisition. 4. approved purchase order.

5. In testing for unrecorded disposals of equipment, an auditor most likely will

1. select items of equipment from the accounting records and then locate them during the plant tour. 2. compare depreciation journal entries with similar prior-year entries in search of fully depreciated equipment. 3. inspect items of equipment observed during the plant tour and then trace them to the equipment master file.


4. scan the general journal for unusual equipment additions and excessive debits to repairs and maintenance expense.

6. When there are numerous property and equipment transactions during the year, an auditor who plans to assess control risk at a low level usually performs

1. analytical procedures for property and equipment balances at the end of the year. 2. analytical procedures for current year property and equipment transactions. 3. tests of controls and limited tests of current year property and equipment transactions. 4. tests of controls and extensive tests of property and equipment balances at the end of the year.

7. In connection with the audit of the prepaid insurance account, which of the following procedures is usually not performed by the auditor?

1. Recompute the portion of the premium that expired during the year. 2. Prepare excerpts of the insurance policies for audit documentation. 3. Confirm premium rates with an independent insurance broker.


4. Examine support for premium payments.

8. Which of the following questions would an auditor likely include on an internal control questionnaire for notes payable?

1. Are assets that collateralize notes payable critically needed for the entity’s continued existence? 2. Are two or more authorized signatures required on checks that repay notes payable? 3. Are the proceeds from notes payable used for the purchase of noncurrent assets? 4. Are direct borrowings on notes payable authorized by the board of directors?

9. When an auditor observes that the recorded interest expense seems to be excessive in relation to the balance in the bonds payable account, the auditor might suspect that

1. discount on bonds payable is understated. 2. bonds payable are understated. 3. bonds payable are overstated. 4. premium on bonds payable is overstated.


10. In the audit of notes payable, which balance-related audit objective is generally one of the most important for the auditor to verify?

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ACC 492 Week 5 Assignment importance of considering contingent liabilities, letters from client lawyers (Amazon)

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www.tutorialrank.com ACC 492 Week 5 Learning Team Assignment You and your team have completed your fieldwork and have a handful of other considerations before you complete the audit and issue your report. These activities are designed to ensure nothing significant has occurred between the completion of your fieldwork and the issuing of the audit report. You are assigned as a senior on the staff, in line to be promoted to manager, to instruct the other staff on the importance of considering contingent liabilities, letters from client lawyers, and subsequent events. Create a 10- to 12-slide presentation for the staff.


Explain the importance of reviewing for contingent liabilities and subsequent events. Describe the requirements for reviewing for contingent liabilities and subsequent events. Click the Assignment Files tab to submit your assignment.

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ACC 492 Week 5 Final Audit Paper (Amazon)

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www.tutorialrank.com ACC 492 Week 5 Final Paper Review the Form 10-K for the company selected for team assignments. Write a 1,050- to 1,400-word paper on the following: 1. Management’s Report on Internal Control Over Financial Reporting 2. The Independent Registered Public Accounting Firm’s Report on Internal Control Over Financial Reporting


3. The Independent Registered Public Accounting Firm’s Report on the Financial Statements Explain the purpose and content of each of these reports. Assuming the report you review is an Unqualified Opinion, express your thoughts on other types of financial statement reports such as Qualified Opinions, Adverse Opinions, and Disclaimer of Opinions. Click the Assignment Files tab to submit your assignment in a MicrosoftŽ Word document.

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ACC 492 NEW Enhance teaching - tutorialrank.com  

For more course tutorials visit www.tutorialrank.com ACC 492 Final Exam (All Possible Questions) (2019 Syllabus) ACC 492 Week 1 Current I...

ACC 492 NEW Enhance teaching - tutorialrank.com  

For more course tutorials visit www.tutorialrank.com ACC 492 Final Exam (All Possible Questions) (2019 Syllabus) ACC 492 Week 1 Current I...

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